ITAT Kolkata Allows LTCG Claim for Lack of Specific Evidence

Raj Kumar Kabra Vs ITO (ITAT Kolkata) Summery: The ITAT Kolkata allowed Raj Kumar Kabra’s appeal against the CIT(A)’s order, which had upheld the Assessing Officer’s (AO) decision to reject the assessee’s claim of long-term capital gains (LTCG) from the sale of shares of M/s. Unno Industries Ltd. The AO had concluded that the LTCG was bogus based on a general investigation report and common practices observed in similar cases, adding the entire sale proceeds to the assessee’s income and denying the exemption under section 10(38) of the Income Tax Act. The AO dismi...